Ameriprise Financial Inc. grew its holdings in Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,853,756 shares of the semiconductor company’s stock after purchasing an additional 26,924 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.86% of Qorvo worth $188,286,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the business. American Trust grew its position in shares of Qorvo by 14.6% in the first quarter. American Trust now owns 2,794 shares of the semiconductor company’s stock valued at $284,000 after purchasing an additional 355 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Qorvo by 142.1% during the first quarter. JPMorgan Chase & Co. now owns 1,271,221 shares of the semiconductor company’s stock worth $129,119,000 after acquiring an additional 746,216 shares during the last quarter. Providence Capital Advisors LLC boosted its position in Qorvo by 10,057.1% during the first quarter. Providence Capital Advisors LLC now owns 5,688 shares of the semiconductor company’s stock worth $56,000 after acquiring an additional 5,632 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Qorvo by 11.6% during the first quarter. Mercer Global Advisors Inc. ADV now owns 86,160 shares of the semiconductor company’s stock worth $8,751,000 after acquiring an additional 8,963 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Qorvo during the first quarter worth approximately $204,000. 85.60% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on QRVO. Morgan Stanley raised their target price on shares of Qorvo from $111.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 3rd. Needham & Company LLC restated a “buy” rating and set a $125.00 target price on shares of Qorvo in a research report on Thursday, August 3rd. BNP Paribas raised shares of Qorvo from a “neutral” rating to an “outperform” rating and set a $135.00 price target on the stock in a research note on Thursday, August 3rd. Susquehanna boosted their price objective on shares of Qorvo from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, August 3rd. Finally, StockNews.com initiated coverage on shares of Qorvo in a research note on Thursday, August 17th. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $112.67.
Insiders Place Their Bets
In other Qorvo news, CEO Robert A. Bruggeworth sold 10,757 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $102.02, for a total value of $1,097,429.14. Following the transaction, the chief executive officer now owns 156,283 shares in the company, valued at approximately $15,943,991.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Roderick Nelson sold 2,067 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $106.60, for a total value of $220,342.20. Following the completion of the sale, the director now owns 7,727 shares of the company’s stock, valued at approximately $823,698.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert A. Bruggeworth sold 10,757 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $102.02, for a total transaction of $1,097,429.14. Following the completion of the sale, the chief executive officer now directly owns 156,283 shares of the company’s stock, valued at approximately $15,943,991.66. The disclosure for this sale can be found here. Insiders have sold 40,250 shares of company stock worth $4,110,124 in the last quarter. 0.43% of the stock is owned by corporate insiders.
Qorvo Stock Performance
NASDAQ:QRVO opened at $95.93 on Friday. Qorvo, Inc. has a twelve month low of $75.38 and a twelve month high of $114.59. The company has a current ratio of 3.27, a quick ratio of 1.83 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of -564.29, a PEG ratio of 2.34 and a beta of 1.44. The firm’s fifty day simple moving average is $103.77 and its 200 day simple moving average is $99.45.
Qorvo (NASDAQ:QRVO – Get Free Report) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07. Qorvo had a negative net margin of 0.29% and a positive return on equity of 7.89%. The firm had revenue of $651.16 million for the quarter, compared to analyst estimates of $639.84 million. As a group, equities research analysts expect that Qorvo, Inc. will post 4.03 earnings per share for the current fiscal year.
Qorvo Profile
Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.
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